Name: Latest research reports of TCNS Clothing Co. Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: TCNS Clothing Co. Ltd.
Rating: 5
Author: ICICI Securities Limited

TCNS Clothing Co. Ltd.

NSE: TCNSBRANDS | BSE: 541700 | ISIN: INE778U01029 | Industry: Other Apparels & Accessories
| Momentum Trap

TCNS Clothing Co. Ltd.

12 Nov 2020

TCNS Clothings

Buy: TCNS Clothing Co. Ltd.

Target

ICICI Securities Limited

Post relaxation of lockdown restrictions, TCNS witnessed a healthy sequential recovery but sales continue to be below pre-Covid levels. Revenue recovery rate is on an upward trajectory with sales reaching 45% of pre-Covid levels in Q2FY21 and ~70% in October. Online sales continue to grow swiftly with October registering highest ever sales. Around 95% of the stores are operational as on end of Q2FY21. Emphasis on minimising cash burns are on track with TCNS securing full year rental savings of ~30% YoY, and potential annualised savings of 15-20% for employee expenses in...